Auditor: Old Bridge finished 2024–25 with $17.2 million fund balance; no audit recommendations

An independent auditor reported to the Old Bridge Board of Education on Tuesday that the district’s 2024–25 annual audit produced no audit recommendations and showed a total fund balance of $17,195,886 as of June 30, 2025.

Michael Pinell of Samuel Klein and Company, the district's contracted auditor, walked the board through the audit process and the report’s key sections — general compliance, specific compliance, special revenue (grant) testing, capital projects, debt service, proprietary (food service) and fiduciary funds. "All copies of the audit were filed with the New Jersey Department of Education and county offices by the due date," Pinell said, adding there were no findings that required formal recommendations.

The audit’s budget overview (C1) summarizes total revenues and expenditures and shows fund-balance designations used to plan future budgets. Pinell reported the balance breakdown included $260,277 committed for year-end encumbrances, $258,844 designated for the unemployment insurance reserve, $13,749,047 designated for capital reserve projects, $190,338 for maintenance reserve and $2,737,379 unassigned.

Board members praised the district’s accounting and bookkeeping teams during a brief response period. One member said the district’s transparency and the absence of audit recommendations "deserve credit." The board noted the audit process typically takes two to three months and that the state’s audit program prescribes a detailed reporting format.

The presentation concluded with brief questions about timing and the state’s audit deadlines; Pinell noted the state’s program can be lengthy and that the January 15 audit deadline has at times proved difficult for districts to meet. The board did not take additional action on the audit beyond receipt and discussion.

Next steps: the audit report is on file with the New Jersey Department of Education and will inform the district’s upcoming budget discussions.